The following table summarizes the single family home rental
controlled subsidiaries ("Rental Controlled Subsidiaries") acquired by the Company since the last update. Unless
otherwise noted, the following is true of each Rental Controlled Subsidiary:

·

Pursuant to the agreements governing each Rental Controlled Subsidiary,
we have full authority of the management of such entity;

·

An affiliate of our Manager earned an origination fee of approximately
2.0% upon the closing of each Rental Controlled Subsidiary, paid for by the co-investors, joint-venture, borrower or property holding
entity at closing;

·

The business plan entails renting the property for approximately seven
to ten years after acquisition before selling the property;

·

The investment thesis is based primarily upon the site's improving
location, physical barriers to entry, basis and market sales for comparable homes in the immediate submarket; and

·

The last updated portfolio level projected annual returns for our
National Single-Family Home Portfolio was 6.9% - 13.1%, as disclosed on December 17, 2018. Past performance is not indicative of
future results, and these projections may not reflect actual future performance and may prove to be inaccurate.

Asset

Name

Zip

Code

Beds / Baths at

Acquisition

Approximate

Square Footage

at Acquisition

Date of

Acquisition

Approximate

Acquisition Cost

Projected

Renovation

Budget (1)

M34

90011

2 / 1

1,200

10/22/18

$388,000

$10,000

W145

90062

3 / 1.5

1,500

11/21/18

$508,000

$10,000

P29

90016

3 / 1

1,600

11/20/18

$737,000

$2,500

H95

30310

3 / 2

1,300

11/28/18

$231,000

$10,000

A49

30310

3 / 2

1,500

11/29/18

$319,000

$1,000

A50

30310

3 / 2

1,400

11/28/18

$308,000

$1,000

251

90043

2 / 1

1,000

11/30/18

$503,000

$15,000

(1)

There can be no assurance that the anticipated completion
cost will be achieved.

Safe Harbor Statement

This Current Report on Form 1-U contains forward-looking statements
within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”) and Section 21E
of the Securities Exchange Act of 1934. You can identify these forward-looking statements by the use of words such as “outlook,”
“believes,” “expects,” “potential,” “continues,” “may,” “will,”
“should,” “could,” “seeks,” “projects,” “predicts,” “intends,”
“plans,” “estimates,” “anticipates” or the negative version of these words or other comparable
words. Such forward-looking statements are subject to various risks and uncertainties, including those described under the section
entitled “Risk Factors” in our Offering Statement on Form 1-A dated October 19, 2018, filed with the Securities and
Exchange Commission (“SEC”), as such factors may be updated from time to time in our periodic filings and prospectus
supplements filed with the SEC, which are accessible on the SEC’s website at www.sec.gov. Accordingly, there are or will
be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements.
These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that
are included in our filings with the SEC. We undertake no obligation to publicly update or review any forward-looking statement,
whether as a result of new information, future developments or otherwise, except as required by law.

SIGNATURES

Pursuant to the requirements of Regulation
A, the issuer has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.